CROWN CASTLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND PROVIDES OUTLOOK FOR FULL YEAR 2026 (Form 8-K)

CROWN CASTLE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND PROVIDES OUTLOOK FOR FULL YEAR 2026

February 4, 2026 - HOUSTON, TEXAS - Crown Castle Inc. (NYSE: CCI) ("Crown Castle") today reported results for the full year ended December 31, 2025 and issued its full year 2026 outlook, as reflected in the table below.

(dollars in millions, except per share amounts)			Full Year 2026									Full Year 2025
			Current Outlook Midpoint(a)			Midpoint Growth Rate Compared to Full Year 2025 Actual						Actual			Actual Growth Rate Compared to Full Year 2024 Actual
Site rental revenues(b)			$3,850			(5)%						$4,049			(5)%
Net income (loss)			$780			76%						$444			N/A
Net income (loss) per share-diluted			$1.80			78%						$1.01			N/A
Adjusted EBITDA(b)(c)			$2,690			(6)%						$2,863			(6)%
AFFO(b)(c)			$1,920			1%						$1,904			(4)%
AFFO per share(b)(c)			$4.43			2%						$4.36			(4)%

(a)Reflects midpoint of full year 2026 Outlook as issued on February 4, 2026.

(b)Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information") which are presented in discontinued operations.

(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

"Our full year 2025 results exceeded the midpoint of our guide across all key metrics," stated Chris Hillabrant, Crown Castle's President and Chief Executive Officer. "When excluding DISH revenues and the impact of Sprint Cancellations, our full year 2026 Outlook includes organic growth of 3.5%, which compares to 3.8% in full year 2025 on a comparable basis. As we work to close our Fiber Business sale in the first half of 2026, we are reducing our tower and corporate workforce by approximately 20%, which together with other cost reductions, will result in approximately $65 million in annualized operating cost savings. We are investing in our systems, streamlining our processes to enhance operational flexibility, and continuing to drive productivity and efficiency across the business. We are also reaffirming our capital allocation framework and remain committed to our dividend, which we expect to maintain at $4.25 per share on an annualized basis."

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(dollars in millions, except per share amounts)			Actual												Previous 2025 Outlook Midpoint(a)			Actual Compared to Previous Outlook Midpoint
			2025			2024			Change			% Change
Site rental revenues(b)			$4,049			$4,268			$(219)			(5)%			$4,030			$19
Net income (loss)			$444			$(3,903)			$4,347			N/A			$285			$159
Net income (loss) per share-diluted			$1.01			$(8.98)			$9.99			N/A			$0.65			$0.36
Adjusted EBITDA(b)(c)			$2,863			$3,035			$(172)			(6)%			$2,835			$28
AFFO(b)(c)			$1,904			$1,980			$(76)			(4)%			$1,870			$34
AFFO per share(b)(c)			$4.36			$4.55			$(0.19)			(4)%			$4.29			$0.07

(a)Reflects midpoint of full year 2025 Outlook as issued on October 22, 2025.

(b)Excludes amounts related to the Fiber Business (as defined in "Non-GAAP Measures and Other Information") which are presented in discontinued operations.

(c)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis.

HIGHLIGHTS FROM THE YEAR

•Site rental revenues. Organic Contribution to Site Rental Billings was $193 million, or 4.9% organic growth from full year 2024, excluding an unfavorable $204 million impact from Sprint Cancellations. Site rental revenues were also negatively impacted by a $61 million decrease in amortization of prepaid rent and a $147 million decrease in straight-lined revenues, resulting in a decline in site rental revenues of $219 million, or 5.1% from full year 2024 to full year 2025. The following table outlines the components of Organic Contribution to Site Rental Billings, excluding the impact of Sprint Cancellations, and the respective percentage of prior period site rental billings.

($ in millions; totals may not sum due to rounding)						Full Year 2025 Actual									Full Year 2024 Actual									Change			% Change
Core leasing activity(a)						$118			3.0%						$110			2.9%						$8			0.1%
Escalators						$96			2.5%						$92			2.4%						$4			0.1%
Non-renewals(a)						$(27)			(0.7)%						$(31)			(0.8)%						$4			0.1%
Change in other billings(a)						$5			0.1%						$(2)			-%						$7			0.1%
Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations(a)						$193			4.9%						$170			4.5%						$23			0.4%

(a)See "Non-GAAP Measures and Other Information" for our definitions of core leasing activity, non-renewals, other billings and Organic Contribution to Site Rental Billings as Adjusted for Impact of Sprint Cancellations.

•Net income (loss). Net income (loss) for the full year 2025 was $444 million compared to $(3.9) billion for full year 2024, reflecting a decrease in the loss from discontinued operations of $4.4 billion, primarily due to the absence of the $5.0 billion goodwill impairment charge recorded in 2024.

•Adjusted EBITDA. Full year 2025 Adjusted EBITDA was $2.9 billion compared to $3.0 billion for the full year 2024. The decrease in the year was primarily a result of the lower contribution from site rental revenues, as discussed above, partially offset by a $18 million increase in services contribution, and a $52 million decrease in selling, general, and administrative costs primarily driven by the absence of advisory fees incurred during full year 2024 and the reduction in staffing levels and office closures announced in June 2024.

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•AFFO and AFFO per share. Full year 2025 AFFO was $1.9 billion, or $4.36 per share, representing a 4% decrease from full year 2024.

•Capital expenditures. Capital expenditures from continuing operations during the year were $182 million, comprised of $149 million of discretionary capital expenditures and $33 million of sustaining capital expenditures. The $182 million of capital expenditures increased 3% compared to $176 million of capital expenditures during full year 2024.

•Common stock dividend. During the year, Crown Castle paid common stock dividends of approximately $2.1 billion in the aggregate, or $4.75 per common share, a decrease of 24% on a per share basis from the same period a year ago.

"Our full year 2025 financial and operational results reflect the efficiencies we are driving across the business," stated Sunit Patel, Crown Castle's Chief Financial Officer. "In 2026, we expect to offset headwinds from DISH terminations and Sprint Cancellations at the bottom-line with growth in the underlying business, operating costs reductions, and lower interest expense as we repay debt using proceeds from the Fiber Business sale. Consistent with our capital allocation framework and considering the impact of DISH Terminations, we expect to repurchase approximately $1 billion of shares and repay approximately $7 billion of debt following the Fiber Business sale close. We ended the quarter with significant liquidity and flexibility, including approximately 84% fixed rate debt, a weighted average debt maturity of approximately 6 years, and approximately $4.1 billion of availability under our revolving credit facility."

OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.

The following table sets forth Crown Castle's current full year 2026 Outlook, which does not include contributions from the Fiber Business unless indicated otherwise. Additionally, full year 2026 Outlook reflects the following items:

•Our full year 2026 Outlook does not include any contributions from DISH Wireless due to the termination of our contract with DISH Wireless announced on January 12, 2026.

•We are reducing our tower and corporate workforce along with other costs, resulting in a $65 million reduction in annualized run-rate operating costs as compared to 2025 levels, and $55 million of cost savings in full year 2026 due to timing.

•We expect to repurchase approximately $1 billion of shares and repay approximately $7 billion of debt following the Fiber Business sale close, which is assumed to occur on June 30, 2026.

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(in millions, except per share amounts)			Full Year 2026(a)
Site rental billings(b)			$3,800			to			$3,830
Amortization of prepaid rent			65			to			95
Straight-lined revenues			(75)			to			(45)
Other revenues			15			to			15
Site rental revenues			3,828			to			3,873
Site rental costs of operations(c)			978			to			1,023
Services and other gross margin			90			to			120
Net income (loss)(d)			640			to			920
Net income (loss) per share-diluted(d)			1.48			to			2.12
Adjusted EBITDA(b)			2,665			to			2,715
Depreciation, amortization and accretion			627			to			722
Interest expense and amortization of deferred financing costs, net(e)			832			to			877
Income (loss) from discontinued operations, net of tax(f)			(360)			to			(80)
FFO(b)			1,640			to			1,670
AFFO(b)			1,895			to			1,945
AFFO per share(b)			4.38			to			4.49
Discretionary capital expenditures(b)			150			to			250
Discretionary capital expenditures from discontinued operations(b)(g)			$480			to			$580

(a)As issued on February 4, 2026.

(b)See "Non-GAAP Measures and Other Information" for further information and reconciliation of non-GAAP financial measures to net income (loss), including on a per share basis, and for definition of site rental billings and discretionary capital expenditures.

(c)Exclusive of depreciation, amortization and accretion.

(d)Includes contribution from discontinued operations through June 30, 2026.

(e)See "Non-GAAP Measures and Other Information" for the reconciliation of "Outlook for Components of Interest Expense."

(f)Represents expected results from the Fiber Business, including the estimated loss on disposal, through June 30, 2026.

(g)Represents discretionary capital expenditures for the Fiber Business through June 30, 2026.

•The following chart reconciles the components contributing to the expected 2026 decrease in site rental revenues.

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•Full year 2026 Organic Contribution to Site Rental Billings, excluding the impact of DISH Terminations and Sprint Cancellations, is expected to be approximately $130 million or 3.3% at the midpoint. This figure increases to 3.5% if DISH revenues are excluded from prior year site rental billings. This figure for 2025 was 3.8% year-over-year on a comparable basis excluding DISH revenues from prior year.

•DISH Terminations and Sprint Cancellations are expected to be $240 million for full year 2026, including $220 million of DISH Terminations and $20 million of Sprint Cancellations.

•After accounting for the impact of DISH Terminations and Sprint Cancellations, Organic Contribution to Site Rental Billings is expected to be approximately ($110) million for full year 2026.

•Straight-line site rental revenues are expected to decrease by approximately $70 million for full year 2026.

•Prepaid rent amortization is expected to decrease by approximately $20 million for full year 2026.

•The chart below reconciles the components of expected growth in AFFO from 2025 to 2026 of approximately $15 million at the midpoint.

•Expenses are expected to decrease by approximately $25 million as staffing and other cost reductions drive approximately $50 million of expense savings in full year 2026, partially offset by standard increases to the remaining cost base.

•Services contribution is expected to increase by approximately $5 million at the midpoint, as service activity levels similar to 2025 are complemented by $5 million of expense savings from the workforce reduction.

•Interest expense is expected to decrease by approximately $120 million from the repayment of approximately $7 billion of outstanding debt following the anticipated closing the Fiber Business sale.

•Other items are expected to decrease by approximately $25 million, primarily driven by a decrease in amortization of prepaid rent.

•Full year 2026 discretionary capital expenditures are expected to be $150 million to $250 million, and prepaid rent additions are expected to be $30 million to $50 million.

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Additional information is available in Crown Castle's quarterly Supplemental Information Package posted in the Investors section of our website.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Wednesday, February 4, 2026, at 4:30 p.m. Eastern time to discuss its full year 2025 results. A listen only live audio webcast of the conference call, along with supplemental materials for the call, can be accessed on the Crown Castle website at https://investor.crowncastle.com. Participants may join the conference call by dialing 833-816-1115 (Toll Free) or 412-317-0694 (International) at least 30 minutes prior to the start time. All dial-in participants should ask to join the Crown Castle call.

A replay of the webcast will be available on the Investor page of Crown Castle's website until end of day, Thursday, February 4, 2027.

ABOUT CROWN CASTLE

Crown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

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Non-GAAP Measures and Other Information